跨境并购、双重制度嵌入与高技术企业创新质量

Cross Border Mergers and Acquisitions,Dual Institutional Embeddings,and Innovation Quality of High-tech Enterprises

本文以2010~2021年中国高技术上市企业为研究样本,借助计量模型实证考察跨境并购、双重制度嵌入与高技术企业创新质量三者间的关系,并从市场准入门槛与信息基础设施密度视角探究异质性影响。结果表明:跨境并购能够显著提升高技术企业创新质量;双重制度嵌入中,制度距离嵌入有利于提升高技术企业创新质量,制度关联嵌入不利于高技术企业创新质量提升;跨境并购对高技术企业创新质量的促进作用可随着制度距离嵌入程度提高而不断增加,随着制度关联嵌入程度的提高而不断降低;跨境并购对高技术企业创新质量的作用效果在高市场准入门槛区域更显著;制度距离嵌入对高技术企业创新质量的作用效果在高信息基础设施密度区域更显著,制度关联嵌入的影响与之相反。据此,应健全国内营商投资环境,拓宽国外资本准入门槛;研判东道国并购环境,降低跨境并购活动阻力;构筑育人引人机制,提高并购成功率,为高技术企业跨境并购及创新质量提升赋能。

Taking the listed companies of China’s high-tech enterprises from 2010 to 2021 as the research sample,this pa⁃per empirically examines the relationship between cross-border M&A,dual institutional embeddedness and innovation quality of high-tech enterprises with the help of econometric model,and explores the heterogeneous influence from the perspective of market access threshold and information infrastructure density.The results show that cross-border M&A can significantly improve the inno⁃vation quality of high-tech enterprises.There are differences in the impact of dual institutional embeddedness on the innovation quality of high-tech enterprises.Institutional distance embeddedness is conducive to improving the innovation quality of high-tech enterprises.Institutional linkage embeddedness reduces the innovation quality of high-tech enterprises.The positive effect of cross-border mergers and acquisitions on the innovation quality of high-tech enterprises will continue to increase with the increase of insti⁃tutional distance embeddedness,and decrease with the increase of institutional correlation embeddedness.The effect of cross-bor⁃der M&A on the innovation quality of high-tech enterprises is more significant in the high market access threshold area.The effect of institutional distance embeddedness on the innovation quality of high-tech enterprises is more significant in the high information infrastructure density area.Based on this,it is proposed that the domestic business investment environment should be improved to broaden the entry threshold of foreign capital,the host country’s M&A environment should be studied and judged to reduce the re⁃sistance of cross-border M&A activities,and the mechanism of educating and attracting people should be constructed to improve the success rate of M&A,so as to empower high-tech enterprises to improve cross-border M&A and innovation quality.